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Demand Based Pricing: Described methods belong to the category of demand / market based pricing:-
1. What the Traffic can Bear' Pricing
2. Skimming Pricing
3. Penetration Pricing
The price elasticity of demand is taken into account in all of the demand based pricing methods, indirectly or directly. Price elasticity of demand refers to the relative sensitivity of demand for a product to changes in its value in other words how significantly the sales of the product are affected when price is changed. If decrease or increase in the price of the product results in significant increase or decrease the product is said to be price elastic conversely, if price change does not considerably affect the sales volume, a product is called to be price inelastic.
Importance of Place Goods are produced to be sold to the consumers. They should be made available to the consumers at a place where they can conveniently make purchase. It is e
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consumer mind is a black box
As this course progresses collect examples of promotional materials and advertising from various health related organizations. You can select various media forms but be sure to in
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